The Financial Supervisory Authority of Norway has published an inspection report and decision revoking the managing director’s approval as a state-authorised accountant at an accounting firm, finding serious and extensive breaches of the rules governing accounting services and anti-money laundering compliance. The revocation is made under the Accountants Act section 6-1(1)(b) and applies from 20 June 2025. The inspection found that large parts of the firm’s portfolio lacked updated engagement agreements and valid powers of attorney, and that quality assurance and internal routines were deficient, including an outdated quality management system and missing written procedures. The review also identified breaches of the risk management regulation and a pervasive failure to comply with anti-money laundering requirements, including inadequate business-wide risk assessment, weak customer risk classification and lack of documented enhanced measures in higher-risk engagements. Similar shortcomings had been flagged by Regnskap Norge controls in 2022 and 2023, and the individual had been made aware of the issues on multiple occasions without ensuring remediation. The decision means the individual can no longer use the title “state-authorised accountant”, cannot operate an accounting business as a sole proprietor, and cannot serve as engagement-responsible accountant or be responsible for quality management in an accounting firm, but may work as an employee. The decision can be appealed within three weeks of receipt, with the Financial Supervisory Authority of Norway forwarding any appeal to the Financial Supervisory Authority Appeals Board.
Norwegian Finanstilsynet 2025-06-11
Financial Supervisory Authority of Norway revokes a state-authorised accountant’s approval effective 20 June 2025 over serious quality control and AML breaches
Norway's Financial Supervisory Authority revoked the managing director's approval as a state-authorised accountant due to serious breaches in accounting services and anti-money laundering compliance. The inspection found deficiencies in engagement agreements, quality assurance, risk management, and anti-money laundering measures. The individual is barred from using the title "state-authorised accountant" and holding certain responsibilities but may work as an employee.